Faurecia announced Friday the successful refinancing for a $ 1.5 billion, the group has launched Monday.
These operations include a bond due in December 2016, for $ 350 million with a coupon of 9.375%, said the automotive supplier in a statement.
The refinancing of Faurecia also involves a new syndicated loan of 1,150 million, consisting of two bands A (690 million euros) and B (460 million), respectively of maturity in November 2014 and November 2016.
These two operations will allow us to prepay a loan of 250 million euros made by Peugeot in conjunction with the refinancing of the existing syndicated bank also said Faurecia.
Societe Generale said Thursday in an email to the press that the goal of equity of 9% at end-June 2012 without resorting to the market, after testing by the European Banking Authority (EBA ).
Earlier in the morning, the French bank whose needs additional capital was estimated at 3.3 billion euros, said it will recapitalize on its own without explicitly rule out an increase of capital.
For avoidance of doubt, SocGen said that it does not seek public money or raise capital in financial markets.
Under the agreement reached on the night of Wednesday to Thursday at the conclusion of a new double top, the European authorities have agreed to recapitalize their banks to the tune of 106 billion euros, 8.8 billion for French banks.
BNP Paribas, whose capital needs were assessed by the EBA to 2.1 billion euros, also rejected any appeal to the market.
Heineken, the world's third largest brewer, reported Wednesday a surprise increase in the volume of beer sold and its sales in the third quarter, supported by the strength of African markets and a rebound in sales in Russia.
Revenues rose 0.6% to 4.65 billion euros against 4.51 billion euros expected on average by eight brokers polled by Reuters.
In August, the brewer warned that weak consumer confidence, combined with a sluggish summer, would affect earnings growth this year.He also maintained its forecast for net profit before exceptional items for 2011, saying it would be roughly consistent with the previous year.
In the third quarter, net income amounted to 525 million euros, an amount virtually unchanged from last year.
The title gained 1.24% to 0800 GMT, having reached in early trade a high of two months with an increase of 4.1%.
Release said this morning that the CNT had reserved 35% of the black gold to France in exchange for his support for the rebellion. A soldier in the camp of Colonel Muammar Gaddafi near the oil refinery in Ras Lanouf, March 12, 2011.
The representative in Paris of the National Transition Council, the governing body of the rebellion Jamahiriya, denied Thursday that the CNT has signed with France a document promising him 35% of Libyan oil, in a statement to AFP.
Hours before the start of a summit dedicated to the democratic reconstruction of Libya in Paris, the French daily Liberation published a letter dated April 3, headed the "Popular Front for the Liberation of Libya" and addressed to the Emir of Qatar in which the CNT said it has signed an "agreement to give 35% of total crude oil in exchange for French support to our total and permanent
I've never heard of this front, "responded Mansour Sayf al-Nasr, special envoy of the CNT in Paris." All documents, all treaties are signed valid CNT ", he argued, rejecting any other document as invalid. The governing body of the Libyan rebels are known, since late February that as the National Transition Council.The only reference to a "Liberation Front" on the Internet refers to the letter of April 3, published by Liberation on Thursday and runs for weeks on the web.
Asked on RTL radio on Thursday, the French foreign minister Alain Juppe said "not aware of such a letter." "The CNT has said very formally in the reconstruction, he addressed preferentially to those who supported him, which seems quite logical and fair," he said, repeating does not have "knowledge of formal agreement. " "We are not alone. The Italians, the Americans are there," he said.
From London, the representative of al-CNT Guma Gamaty assured that future contracts on the exploitation of Libyan oil shall be granted "based on merit, not patronage."Libya, the fourth largest producer in Africa (after Nigeria, Angola and Algeria), exported before the insurrection against the regime of Muammar Gaddafi 80% of its black gold to Europe, especially Italy and France.
Libya has the largest oil reserves in Africa, with 44 billion barrels, far ahead of Nigeria (37.2 billion barrels) and Algeria (12.2 billion). These large companies are Italy's Eni, French giant Total and the Anglo-American BP, Shell and ExxonMobil. The country has also almost doubled its exports of natural gas in recent years, 5.4 billion m3 per year in 2005 to over 10 billion m3 of this year, according to OPEC, through a new pipeline to the Italy. Its reserves are estimated at 1,540 billion m3.In early August, the CNT was committed to honor, "he will govern as a temporary", "all financial contracts and petroleum agreements under Gaddafi."
The owners of the Federal Reserve, International Monetary Fund (IMF) and the OECD have increased over the weekend the pressure on political leaders on both sides of the Atlantic, urging them to get out of their torpor to meet the economic challenges.
Meeting in Jackson Hole, Wyoming, the cream of the world economy seems to fear that the slowdown in growth and worsening debt crisis from escalating into a much deeper threat if nothing is done.
By Friday, the Fed chief Ben Bernanke has set the tone, insisting that most of the work to establish a solid foundation supporting growth in the long term was within the White House and Congress.
IMF Executive Director Christine Lagarde warned the next day against the risk of the global economy plunging into recession and called on leaders to "act now", especially for a European bank recapitalization.
"I hope they listen," responded the governor of the Bank of Israel Stanley Fischer.
For Angel Gurria, Secretary General of the Organization for Economic Cooperation and Development (OECD), "Governance is not a very rosy at the moment (…), either in Europe or the U.S. ".
"That's the feeling that emerges from the discussions in the short term, 'We can not even come to an agreement on the time it is, even when there is a huge clock that tells us", has he told Reuters.
DO NOT UNDERMINE GROWTH
United States, the political stalemate has inhibited the proposals to control the country's massive deficit, which led to the edge of default and earned him the loss of its coveted triple-A rating to eyes of the Standard & Poor's.
In Europe, the euro area remains divided on the question of who will pay the debt crisis, exemplified by the divisive debate on the euro bonds or collateral requested by Finland in exchange for his assistance Greece.
Christine Lagarde, whose intervention in Jackson Hole was added at the last minute and reflected his sense of urgency, warned against the too rapid reduction in deficits, which could undermine growth faltering.
She is not alone.
Since the outbreak of the financial crisis, the Fed cut interest rates to near zero and bought 2,300 billion of bonds to support the recovery.Monetary policy has exhausted much of his ammunition, everything depends now on fiscal policy, suggested in Bernanke substance.
"Although the issue of fiscal sustainability needs to be addressed urgently, the heads of budgetary issues should take into account the fragility of the current economic recovery," he argued.
"Warning shot"
According to Glenn Hubbard, dean of Columbia Business School, Bernanke's speech is "a wake-up call for government to say: 'Stop to submit to the Federal Reserve, you have a job to do" .
"The Fed simply said: 'We are monitoring the situation closely but we encourage the government, both parties to get around a table and adopt a plan to strengthen long term fiscal and then maybe a plan stimulus in the short term, "he told the Reuters micro Insider.
These calls from the elite of the world economy could offer unexpected support Barack Obama while his campaign for a second term may begin as ominous a stagnant unemployment rate beyond 9%.
The U.S. president prepares a speech after the Labor Day scheduled Sept. 5, in which he is expected to present proposals to boost employment.
Barack Obama also turned to the tenors of the world economy.
The tenant of the White House and German Chancellor Angela Merkel met Saturday by telephone from the crisis in the euro area and the turmoil in financial markets, vowing to take measures to revive the global economy.
The day before, Barack Obama spoke with Christine Lagarde and the two agreed that the economy needed short-term measures to support new growth.
European side, the question of the soundness of the banking sector returns insistently.
Christine Lagarde and the President of the European Central Bank Jean-Claude Trichet have both stressed the strengthening of bank balance sheets, the executive director of the IMF even calling to make a "substantial recapitalization."
"While policy dialogue is clear, the uncertainty generated by political posturing in Europe and the United States creates serious risks", says Eswar Prasad, a professor at Cornell University.
The cost for a sixth grader is 187 euros, or 7% from a year ago, according Familels France. School children on the day of the new school year Sept. 2, 2010, in Vincennes
The cost of school for a student entering the sixth this year is 187.32 euros, up 6.8% over 2010, far more than inflation, according to the traditional investigation of the association Families de France (FDF) released Wednesday. "It's not good news for families," he told a press conference the President of TOT, Henri Joyeux.
Last year, the increase was only 0.63%, after two sharp declines in 2008 and 2009. This moderation was partly due, according to Families of France, the "core of the season."This offering school supplies at affordable prices was renewed this year between FDF and the retail stores, but this time without the support of the Ministry of Education. Minister Luc Chatel regretted the end of May that the discussions had "failed to reach consensus (…), in a context of rising prices of raw materials used in papermaking."
The FDF survey is carried out for 27 years. Another association, the Confederation of Families (CSF), also supplies its own annual estimate of the cost of school. It will do this year on Aug. 30, according to its deputy general secretary, Brigitte Masure.
Executive Director of the IMF believes that states should support the short-term recovery and redress public finances in the medium term. IMF Executive Director Christine Lagarde at a news conference in Washington July 6, 2011
Executive Director of the International Monetary Fund (IMF), Christine Lagarde, on Monday called on governments around the world, and first of all "advanced economies" not to kill growth by fighting against the debt. "Fiscal consolidation has to solve an equation delicate neither too fast too slow no," writes Christine Lagarde in an article published in the Financial Times, entitled "Do not let the slowdown budget block the global recovery."
For the IMF chief, "the current market turmoil [...] has shaken confidence in the economy in the world and prompted many to conclude that all the political possibilities had been exhausted," but " this impression is false and could lead to paralysis. " Christine Lagarde, who took office in July, thus ensuring the continuity of the message of his organization.
Under his predecessor, Dominique Strauss-Kahn, the IMF argued in effect for over a year for the advanced countries, which have seen their debt soar with the financial crisis occurred in 2007, implement strategies 'fiscal consolidation that are favorable to growth.
If the "crisis exit strategies" discussed in late 2009 and early 2010 are no longer appropriate for the advanced economies, the IMF regularly reminded that there is still room in the short term, for fiscal stimulus well-calibrated provided they are accompanied by a strong commitment to reduce deficits in the medium and long term.
In the United States was the route chosen initially by the government of President Barack Obama, but that it is unable to follow since the Republicans took over the House of Representatives in January.They have made deficit reduction their main policy objective and do not want to hear about stimulus spending.
The gallery of Christine Lagarde appeared while austerity voted or being prepared in a number of European countries are worried because of their size.
The Italian Minister of Economy, Giulio Tremonti, reiterated Saturday its call for the creation of Eurobonds, saying they were the best way out of the euro zone debt crisis is likely, he said, to win other countries.
Tremonti was speaking after the adoption by Italy of a government austerity plan for achieving 45.5 billion euros in savings by reducing spending and raising taxes.
"An increased level of integration and consolidation of public finances in Europe is needed," Tremonti said during a press conference to explain the Italian austerity plan.
"The best solution would be to have Eurobonds and options could be adopted," he added.
No discussion of an aid package to Italy took place, said Wednesday the European Commission while the return of the Italian Treasury debt continues to rise because of investor concerns that the crisis spread .
The EU executive said he was confident that all commitments made by the leaders of the euro area summit on 21 July will be implemented.
"We are confident that the commitments of the agreement by European states, including Spanish and Italian will be adopted," said the spokesperson of the Commission at a press conference.
The Italian Minister of Economy Giulio Tremonti met Wednesday morning with the President of the Eurogroup, Jean-Claude Juncker and the European Commissioner for Economic and Monetary Affairs, Olli Rehn.
"Commissioner Rehn reiterated that he remained convinced that the Minister Tremonti and the Italian authorities take steps to put the country back on track for sustainable growth and ensure greater fiscal consolidation," said the Commission in a statement .
Speaking to the press, following a meeting which lasted two hours with Giulio Tremonti, Jean-Claude Juncker said simply: "We had a long discussion about the challenges facing the euro area. We will continue thinking together. "
"I agree with what Mr Juncker said.We had a long and fruitful discussion, "added the Italian Minister.
Council President Silvio Berlusconi has to speak before the Italian Parliament from 1530 GMT on the economic situation of the country.
In Spain, the President of the Government Jose Luis Rodriguez Zapatero was to chair a crisis meeting in the afternoon.
The yield spread between ten-year bonds Spanish and Italian from the German paper of the same maturity, part of the European bond market, continued to grow Wednesday, within the scope of fears of contagion from the debt crisis of the euro area.
The yield spread between Italian and German paper was 386 basis points (bp 12) and ten-year bonds between Spanish and German from 402 basis points (13 bps).
The performance of Italian securities decade was up 8 basis points to 6.225% and the Spanish equivalent obligations was 6.371% (6 bp).
Air France-KLM confirmed on Thursday the announcement for this summer's mega-control devices, its chief executive noting that Airbus and Boeing offered each of the competitive products.
One hundred MPs have launched a petition in June to urge Air France, which the state holds 15.7% stake, to choose the future long-haul Airbus A350 instead of the Boeing 787 "Dreamliner" for his next command, which could include hundreds of devices.
"Both offer very competitive products in terms of technical performance and economic performance, our work is to improve this proposal, especially economically," he told reporters after the general meeting.
Shareholders voted 94% for four years the renewal of the appointment of Pierre-Henri Gourgeon, who became Group Chief Executive on 1 January 2009.
Pierre-Henri Gourgeon declined to comment on press reports indicating the imminence of a decision, possibly as early as July, the appointment of a general manager for Air France, in the part of an overhaul of the governance of the group.
The favorite to lead the Air France is Juniac Alexander, Chief of Staff of the former economy minister Christine Lagarde who has been leading the International Monetary Fund (IMF) Tuesday, according to the press.
Air France-KLM has returned to profit in 2010-2011 thanks to the resumption of traffic and cost savings, but decided not to pay a dividend to ensure its long-term goals, including reducing its ratio of debt.
The shareholders also voted 97% passing results on the calendar year instead of stalling the pace of the International Air Transport Association (IATA), whose financial year from 1 April to 31 March.
The group anticipates for 2011 an increase in operating income compared to 28 million in 2010 thanks to its resistance to an environment made uncertain by the "Arab Spring" and rising oil prices.
Air France-KLM has also announced a 2.9% increase in passenger traffic in June.
The stock closed down 2.45% to 10.53 euros, thus showing a decline of nearly 23% since the beginning of the year.
